Stocks finished lower as the beaten-down tech sector extended losses. Chip stocks struggled after a report revealed that OpenAI is considering pushing back its IPO due to rising infrastructure costs for AI. The Dow gave back midday gains to finish modestly lower, though it still managed to eke out a third-straight weekly win. The S&P 500 and Nasdaq both capped the day near breakeven and each logged a weekly loss -- the latter's worst week since June 5.
Oil Extends Slide, Suffers Big Weekly Drop
Oil prices continued to fall as Iran tensions heightened off the back of an attack near the coast of Oman in the Strait of Hormuz. July-dated West Texas Intermediate (WTI) dropped 3.6%, to finish at $69.34 a barrel for the day and down 10.5% for the week.
Gold futures rose as the U.S. greenback slid and inflation data eased U.S. interest rate hike fears. August-dated gold futures rose 1.2%, last seen at $4,096.30/oz for the session, and lost 2.2% on the week.
Comments
Log in or sign up to join the conversation.